1) Not if u have the credit card before bankruptcy and it has no balance on it at the time of the bankruptcy & 7 years is the max allowed.

In most cases when the credit card company gets notice that you filed for bankruptcy, they will cancel your card. In some cases you may be able to keep a card active, but good luck getting that while being a fresh graduate.

7 years is for a Chapter 13 bankruptcy, in which you still end up paying back all or a portion of your debt under a payment plan. For Chapter 7 bankruptcy which allows you to just get rid of debt without paying it back, it's up to 10 years.

This right here indicates you probably don't know enough about bankruptcy to assume it has no consequences.

Most likely, out of college you wont face this barrier to entry. The jobs which check for bankruptcy are few and far between.

They don't "check for bankruptcy," they just do a regular criminal background check and because it's done through the courts it'll show up. The kicker is it's illegal for a company to discriminate against you based on filing for bankruptcy, BUT we all know with everything else being equal you are probably going to be "the least viable candidate" and passed over.

3) College students rarely buy a home 1 to 4 years out of college these days.

It's not about how many do it, it's about no longer having the opportunity to. Average graduate with a bachelor's is 24, 4 years is 28, enough time to get a job, get married, and have kids. Regardless, the 1-4 years is only the critical time where it's going to be nearly impossible to get a home loan, don't think the fact that it's on your credit report won't screw you for up to 10 years.

Allowing kids to claim bankruptcy on student loans is the dumbest thing you can possibly do. There are many other alternatives that can be sought out to deal with this issue.

No argument here, that's what I've spent the last two posts detailing. It's still way over simplified to say that filing for bankruptcy has "no consequences."